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    Report For Contemporary

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    florifelequigan
    This document discusses the global economic order in the early years following World War II between the 1940s and 1970s. Key developments during this period included the establishment of the Bretton Woods system and institutions like the IMF and World Bank to promote stability and cooperation. The early global economic order was characterized by U.S. economic dominance, fixed exchange rates tied to the U.S. dollar, developing countries pursuing import substitution industrialization, ongoing decolonization, and relatively limited global trade. This early period set the foundation for institutions that still influence today's global economic system.

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    Report For Contemporary

    Uploaded by

    florifelequigan
    7 views3 pages
    This document discusses the global economic order in the early years following World War II between the 1940s and 1970s. Key developments during this period included the establishment of the Bretton Woods system and institutions like the IMF and World Bank to promote stability and cooperation. The early global economic order was characterized by U.S. economic dominance, fixed exchange rates tied to the U.S. dollar, developing countries pursuing import substitution industrialization, ongoing decolonization, and relatively limited global trade. This early period set the foundation for institutions that still influence today's global economic system.

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    Report for Contemporary

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    This document discusses the global economic order in the early years following World War II between the 1940s and 1970s. Key developments during this period included the establishment of the Bretton Woods system and institutions like the IMF and World Bank to promote stability and cooperation. The early global economic order was characterized by U.S. economic dominance, fixed exchange rates tied to the U.S. dollar, developing countries pursuing import substitution industrialization, ongoing decolonization, and relatively limited global trade. This early period set the foundation for institutions that still influence today's global economic system.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    7 views3 pages

    Report For Contemporary

    Uploaded by

    florifelequigan
    This document discusses the global economic order in the early years following World War II between the 1940s and 1970s. Key developments during this period included the establishment of the Bretton Woods system and institutions like the IMF and World Bank to promote stability and cooperation. The early global economic order was characterized by U.S. economic dominance, fixed exchange rates tied to the U.S. dollar, developing countries pursuing import substitution industrialization, ongoing decolonization, and relatively limited global trade. This early period set the foundation for institutions that still influence today's global economic system.

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    CHAPTER 4: ECONOMIC DIMENSION OF GLOBALIZATION

    GLOBAL ECONOMIC ORDER IN THE EARLY YEARS


    The global economic order has been evolving since 1945,
    reflecting changes both in the larger setting of global politics
    and economics and in national interests as perceived by
    decision-makers of nation-states.
    The global economic order in the early years refers to the
    structure and dynamics of the global economy during the early
    stages of economic development and globalization. It can be
    traced back to the period following World War II, particularly
    between the 1940s and 1970s.
    At the end of World War II, the international community sought
    to establish institutions and mechanism to promote economic
    stability and international cooperation. One of the key
    developments during this period was the creation of the
    Bretton Woods system in 1944. Under this system, the
    international monetary fund (IMF) and the world bank were
    established to help stabilize countries, provide financial
    assistance to countries, and promote economic development.

    The global economic order in the early years was


    characterized by a few distinct features:
    1. Dominance of the United states: the united states emerged as
    the leading global economic power after world war II. It played
    a dominant role in shaping the global economic order, both
    politically and economically. The U.S dollar became the main
    reserves currency, and the U.S enjoyed significant influence in
    international organizations.
    2. Fixed exchange rates: under the Bretton woods system, most
    countries fixed their exchange rates to the U.S dollar, which was
    pegged to gold. This system aimed to promote stability and
    facilitate international trade and investment.
    3. Import substitution industrialization: many developing
    countries in the early years adopted import substitution
    industrialization (ISI) strategies. They focus on developing
    domestic industries to reduce reliance on imports and stimulate
    economic growth. Protective trade policies, such as tariffs and
    quotas, were common during this period.
    4. Post-colonial economic relations : the early years of the global
    economic order were marked by decolonization, with many
    countries gaining independence from colonial powers. The
    economic relations between former colonies and their former
    colonizers became a significant aspect of the global economic
    order.
    5. Limited global trade: global trade flows were relatively limited
    compared to later years. Tariff and non-tariff trade barriers
    were prevalent, limiting the volume and diversity of
    international trade.

    As the global economic order evolved over time, several factors,


    including the breakdown of the Bretton woods system, a shift
    towards market based economies, and advancements in
    technology and communication, have contributed to significant
    changes in the global economy. However, the early years
    shaped the foundations and institutions that still play a role in
    today’s global economic system.

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